Sallie Mae 2009 Annual Report Download - page 103
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Unsecured On-Balance Sheet Financing Activities
The following table presents the senior unsecured credit ratings assigned by major rating agencies as of
February 26, 2010.
Moody’s S&P Fitch
Short-term unsecured debt................................. NotPrime A-3 F3
Long-term senior unsecured debt ............................ Ba1 BBB- BBB-
The table below presents our unsecured on-balance sheet funding by funding source for the years ended
December 31, 2009 and 2008.
2009 2008 2009 2008
Debt Issued
For The Years
Ended December 31,
Outstanding at
December 31,
Retail notes ................................... $ — $ — $ 3,471 $ 3,914
Foreign currency denominated notes
(1)
............... — — 9,230 12,127
Extendible notes ............................... — — — 1,464
Global notes (Institutional) ........................ — 2,437 14,694 19,874
Medium-term notes (Institutional) ................... — — 587 597
Total unsecured corporate borrowings . . . ............. — 2,437 27,982 37,976
Unsecured term bank deposits ..................... 4,531 2,845 5,637 2,256
Total ........................................ $4,531 $5,282 $33,619 $40,232
(1)
All foreign currency denominated notes are hedged using derivatives that exchange the foreign denomination for U.S. dollars.
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